Shareholders have approved the payment of a final dividend of HKD0.083 per share (US$0.01).
Macau.- Casino operator MGM China announced its shareholders have approved the payment of a final dividend of HKD0.083 per share (US$0.01).
The dividend payment for to the year ended December 31, 2019 was approved during MGM China’s annual general meeting, and comes amid challenging times for the business and the wider gaming industry.
The Covid-19 pandemic has severely impacted on operations over the past four months and the long-term impact has yet to be fully understood.
To help recover from the pandemic, MGM China announced it has been granted a new HKD2.34billion (US$301million) revolving credit facility.
It stated the proceeds of the facility would be used for ongoing working capital needs and general corporate purposes of the group.
MGM China said in late March it expected to spend around HKD315.4million on the final dividend payment, which represented approximately 16.3 per cent of the company’s profit for calendar-year 2019.
MGM China operates two properties in the Macau market: MGM Macau on the city’s peninsula; and MGM Cotai in the Cotai district.
It was announced in April that MGM China’s first-quarter net revenues were reached US$271.9million, down 63 per cent from the prior-year quarter due to the Covid-19 pandemic.